5 Reasons invoice automation is essential to the success of your business

Posted Date : 6-April-2018

Streamlining operations is a challenge every retailer has to face. As retailing is a tough job, retailers need advanced tools and technologies to help them improve their store efficiency and output. Manual management of important tasks such as invoicing, inventory management and sales reporting can lead to losses due to human inefficiency. To overcome the problems related to inefficiency, it is important to set up systems in place that can take care of invoicing process automatically.

Invoice automation is the need of the hour for modern retailers. Not only does it speed up the process, but also ensures to plug the loopholes in the manual system. Invoice automation can automate invoicing based on set scenarios and can even be programmed to send invoices automatically to customers, if needed. Let us look at the reasons why you should consider adopting invoice automation:

  • Real-time income statement:

  • Automated invoicing promotes real time reporting of sales and income data. When you automate invoice creation, it updates all the required data into the system on its own. That means your inventory status, cash flow position and revenues stay updated round the clock. You are not required to manually intervene to understand the impact of a particular invoice on the bottom line. With the help of an automated PoS system you can implement invoice automation that will help you access real time data about income position in a few clicks.

  • Streamlined accounts receivable and payable:

  • Maintaining a streamlined record of receivables and payables helps a retail businessman in knowing the exact financial position of a business. With the help of invoice automation, not only can a retail store enhance customer delight but also remain on the top of cash flow. Instead of manually tracking payments for customers on credit, you can automatically remind customers of pending dues with the help of invoice automation. A PoS system can automate the process of invoice creation and can automatically send invoices to customers, leading to fewer chances of errors and accurate cash flow position.

  • Prompt payments:

  • If you are actively engaged in wholesale trade or are an online retailer, you can improve the payment schedules enormously with the help of invoice automation. By creating invoices automatically at the time of shipping, you can motivate your customers to pay you upfront or on time, improving your short term cash flow. Not only will it help you to maintain a positive cash flow but will ensure all your suppliers, vendors and creditors are paid on time owing to improved cash position. This will boost your reputation among suppliers that might help you bag some lucrative deals next time you source something.

  • Improved customer experience:

  • Instead of relying upon paper invoices, manual spreadsheet-based invoices, adopting modern invoicing techniques such as PoS-based automated invoicing will go a long way in improving customer experience. Not only does invoice automation ensures prompt invoice delivery to the customers, but speeds up the sales process, delighting customers and improving their experience. This will help you in building a long term relationship with the customers that will significantly improve loyalty and growth prospects of your retail business.

  • Improved operations with a minimum workforce:

  • When you automate complete operations or a part like invoicing, you can be confident about the efficiency. Unlike manual methods, automated solutions are much more accurate and enhance the productivity to a great extent. Moreover, automation can limit your requirement of additional workforce just to manage the invoicing operations. This will not only help you in cutting costs but will eliminate the chances of error due to human negligence. If your invoicing is automated, you can stay assured of the reliability of revenue and sales reports. In the long term all this will lead to an increase in profits for sure.

    Just by automating invoicing in your retail store, you can significantly improve retail operations and expand your business on a massive scale. Though invoice automation is not an easy task, installing an end-to-end PoS solution like HDPOS can help you in your endeavors.

    Not only does a PoS system takes care of invoicing but can manage various aspects such as inventory management, customer data management, GST management that will leave you with required time to think about expanding your operations.

    With the help of automated PoS software, you will be able to improve the overall efficiency of your retail staff members and at the same time cut costs, avoid errors and push your business in the fast growth lane, easily.

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